Load limiting seat belt retractors utilize a mechanical energy-absorbing element such as a torsion bar to control the restraining force exerted on an occupant during an actual or anticipated crash event by paying out a relatively small amount of the seat belt for a specified load. Since the desired level of load limiting varies depending on the weight of the occupant and the severity of the crash event, some retractors (referred to herein as dual-level load limiting retractors) incorporate two different energy-absorbing elements and a switching mechanism for selectively changing the load limit by changing the mechanical load path through the retractor. See, for example, the U.S. Patent Publication No. 2006/0022447, and the U.S. Pat. Nos. 6,241,172, 6,616,081 and 6,648,260. However, known dual-level load limiting retractors are relatively expensive to produce, and tend to be difficult to package in a vehicle door pillar due to their increased size. Accordingly, what is needed is a dual-level load limiting retractor that is cost-effective to manufacture and compact in size.